BitMEX announces the end of its accelerated user verification program.

BitMEX announced the end of its accelerated user verification program on Dec. 4. The exchange required users to update their KYC verification following regulatory issues.

The crypto derivatives exchange BitMEX announced the end of its accelerated user verification program today. The crypto exchange required users to update their KYC (Know-Your-Customer) verification following regulatory issues that the platform is facing. Positions will automatically be closed for unverified accounts, and users will no longer be able to access them. BitMEX team stated that the number of unverified accounts is relatively small, as most users submitted the required KYC details.

 

BitMEX enforces KYC regulations in a hurry. 

Since Sept. 15 this year, new BitMEX accounts have had to register with complete ID verification. The deadline to complete the KYC process was initially set to Feb. 12, 2021, but BitMEX was forced to adjust the timeline. The KYC enforcement decision was a result of the several compliance-related cases filed against the crypto derivatives exchange. BitMEX has been reminding users of the deadline, which generally drew flak from its customers. The crypto exchange has also teamed up with Eventus Systems to boost its AML and KYC compliance. The partnership sees Eventus assisting the exchange in monitor transactions on the platform.

 

BitMEX continues to face regulatory troubles. 

The crypto derivatives exchange giant BitMEX continues to face lawsuit after lawsuit. In addition to being indicted on criminal charges, founders Arthur Hayes, Ben Delo, and Samuel Reed are being sued in California for running a RICO (Racketeer Influenced and Corrupt Organizations Act) enterprise engaging in wire fraud, money laundering, interstate transportation of stolen property, digital asset market manipulation and racketeering. Other personnel associated with BitMEX and the alleged RICO scheme are also named as defendants in the lawsuit. As reported earlier, the latest lawsuit is brought by Păun Gabriel-Razvan, a cryptocurrency trader and an owner of a crypto news aggregator. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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